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Commodities

Gold Price Hits $4,610 as Bullish Momentum Persists

Guavy AI Editorial Team
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Oil Gold
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The price of gold (XAU/USD) has continued its upward trend, reaching $4,610 during European hours on Friday. This marks the second consecutive day of gains for the precious metal, which is currently trading above both the nine-period and 50-period Exponential Moving Averages (EMAs). The 14-day Relative Strength Index (RSI) stands at 67, indicating strong bullish momentum.

The ascending channel pattern suggests a persistent bullish bias, with the XAU/USD pair retaining a constructive trend. However, analysts at Deutsche Bank note that rising real yields and stronger Oil prices may put downward pressure on gold, potentially leading to a decline in price.

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